The proposed consent order, if approved by a judge, could allow Gemini Trust to avoid a Jan. 21 civil trial with the CFTC over alleged “false and misleading” statements.
The US Commodity Futures Trading Commission (CFTC) has reached an agreement with Gemini Trust Company that could allow the firm to avoid a civil trial if approved by a judge.
According to a Jan. 6 filing in the US District Court for the Southern District of New York, the CFTC filed a proposed consent order to resolve all outstanding claims against Gemini. If approved, Gemini would be required to pay a $5-million civil monetary penalty and be enjoined from “making false or misleading statements” to the CFTC.
Proposed consent order between CFTC and Gemini Trust. Source: SDNY
